Oil - Only Fuel to Have Fallen in Price Over 3 Years

Oil - Only Fuel to Have Fallen in Price Over 3 Years
17 February 2014
Results published in the Sunderland tables have shown that heating oil is the only fuel to have fallen in price over the past three years. The tables are an independent comparison of UK domestic heating costs.

The current average cost of heating a 3 bedroom house in Britain is now 5% lower than prices quoted over the past three years, whereas the cost of heating the same home using gas or electricity has risen by 14% and 16.5% respectively.

Just three years ago, oil was in some cases as much as 60% higher in price than gas, however, the gap between the cost of each respective fuel type has narrowed significantly. Oil is now just 12% more expensive than mains gas, when using a condensing bioler.

As predicted by many industry experts, LPG remained the most expensive fuel, costing an average of £1,923 per annum to heat a 3 bedroom house, versus a cost of £1,275 to heat the same house using oil.

Electricity has seen the greatest price increase over the past three years, rising a staggering 38.89%. Gas too, has risen dramatically, with an average increase of 37.7% over the past three years. Oil, however, has decreased in price by 2.18%.

The dramatic increase in electricity prices has meant that heating homes by using renewable sources such as ground source or air source heat pumps, has become increasingly unrealistic and expensive, as these technologies rely on electricity to run.

(Source: OFTEC, 2014)
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